Following the changes in life and legislation we have been dealing with the incorporation and administration of Hungarian and foreign companies for 15 years. Our staff is qualified in economics, law, foreign trade and also has work experience in banking. Our team of trained specialists including, among others, lawyers, accountants, auditors, tax specialists and consultants speaking English, German, French and Russian, is at our clients’ disposal.
Initially, in 1996, under the name of Forming Kft. we were establishing Hungarian “offshore” enterprises exclusively for foreign clients in the forms of limited (Kft.) companies. At that time the companies with special licences only had to pay 3% corporation tax.
In the meantime, Hungary joined NATO and, in 2004, the European Union, so the tax allowances were terminated. Since 1996, in collaboration with our foreign partner companies, we have also been dealing with traditional offshore companies as well.
In 2010, the Hungarian law changed again and without any “extra” allowances it is now possible to establish business associations in Hungary as a Union member with a corporation tax rate of 10%. The information about such companies may be obtained free of charge on the website of Register of Companies and in the European Union Community tax records, and such companies can promptly obtain a tax residence certificate from the National Tax and Customs Authority, which is an increasingly common requirement in the international business relations. These companies can be used for a wide range of purposes, such as foreign trade or even as holding companies.
Hungary has concluded Double Taxation Avoidance Agreements with more than 60 states, which can provide further benefits for our future clients.